Director Investor Relations says real estate has been the go-to investment avenue for Pakistanis for years
Staff Reporter
KARACHI: The Director Investor Relations at DAO PropTech, Haseeb Mirza, has said that the real estate has been the go-to investment avenue for Pakistanis for years. With the help of PropTech, a fair and inclusive real estate ecosystem is being harnessed. The digital trends and data-led strategies tends to solve it for the customers and investors who now seem more cautious about their hard-earned money. At DAO PropTech, we are working on eliminating uncertainties, ensuring transparency on all the projects listed on our digital platform. Giving the investor the power to make a calculated investment decision is a unique proposition, something we at DAO PropTech are determined to provide. He was expressing his views during an interview taken by a panel of journalists.
He pointed out that DAO PropTech is an online platform that facilitates developers, builders, customers and investors, with a mission to transparently provide ownership and investment opportunities to everyone by using data and technology. PropTech 3.0 aims to leverage all information to assist the user in making choices primarily based on accessible data. Correct real estate valuations, a data-driven approach, and the use of Web 3.0, not only ensure transparency, but also experience democratization of real estate.
Responding to a question regarding malpractice in real estate business, he said that some dealers, agents, and companies are involved in fraudulent practices on specific properties and schemes. With the unregulated and uncultured nature of Pakistan’s real estate market plagued with malpractices like overselling plot files, artificially inflated prices, and upfront rental schemes, one must think beyond the lucrative numbers! Overseas Pakistanis have also witnessed their properties being sold or bought through illegal papers or fraud back home. With typical market delays, political instability, and unforeseen overhead costs, the developer/builder risks going bankrupt and losing people’s money. We’ve all seen and heard of these scandals too often around the globe; the 1998-2005 housing bubble, the fall of the market in 2008, and the 2015-16 Chinese crash.
Director Investor Relations, Haseeb Mirza, revealed that the agents lack of real estate education, understanding of real estate economics, and data-driven market knowledge force the customers to make decisions based on market speculation or mere word of mouth. When investment decisions are not based on economic data, they usually go south in downwar